While most cryptocurrency novices focus on price fluctuations and try to trade, advanced investors understand that there are many metrics and data that are essential to gauge the health and long-term potential of DeFi projects. As the blockchain industry has matured, more tools have been developed to analyze on-chain data.

Here are the top 5 useful tools grouped by the categories of data that can help you understand them.

Tools for analyzing tokens: CoinGecko and CoinMarketCap

Launched in 2014, CoinGecko is a powerful data analysis tool focused on blockchain data.

  • Main features

(1) Track DeFi tokens. Tokens are listed by market cap by default, but users can choose other filters. Tokens can be compared by price, trading volume, market cap and other metrics.

(2) Beginner's Guide. CoinGecko offers a beginner's guide, glossary and news to help you understand the dynamics of cryptocurrency.

(3) Visualization of token historical data. Coingecko historical data including price, market cap and trading volume can be used to determine the data performance of the token.

  • Key Features (1) Powerful indicator filtering options

(2) Data for over 12,500 tokens

(3) Numerous additional features such as NFT board, beginner's guide, news, etc.

Tools for Analyzing DeFi Revenue: Token Terminal

Token Terminal uses traditional financial metrics to measure DeFi, which makes it more accessible to those coming into cryptocurrency from a traditional financial background.

  • Main features

(1) Provide standardized metrics to compare the strengths and weaknesses of DeFi projects.

(2) Users can use metrics to determine the value they can get from an investment project. For example, P/E ratio, P/E ratio, agreed revenue, etc.

  • Reasons for recommendation (1) Ideal for users with a traditional financial background to evaluate projects as investments. (2) Includes over 100 DeFi protocols. Data quantification with more metrics and more options. (3) Data is updated quickly, with top protocols updated as often as 4 hours.

Tool for analyzing DeFi TVL: DeFiLlama

DeFiLlama tracks TVLs for over 800 DeFi protocols. They can be viewed by DEX, Lending, Yield, and other categories. Specific ranking tags are 1d Change, 7d Change, 1m Change, TVL, MarketCap/TVL.

  • Reasons for Recommendation (1) Keep track of more protocols and categorize them, which is the current first choice for viewing DeFi TVL.

(2) Open the DeFiLlama NFT section to meet both DeFi and NFT needs with one tool.

DeFiLlama TVL All-in-One Analysis Tool by Category: Sand Dune Analysis and Footprint Analysis

Sand dune analysis and footprint analysis are similar in function, both providing integrated analysis to visualize the data.

  • For beginners, it is recommended to use Footprint as it requires zero coding and SQL skills.
  • For those with a coding background, Dune is recommended. Dune uses SQL to analyze real-time raw data.

The main difference between footprints and sand dunes

Dune Analytics has been around for 4 years and has 5 chains of data queries. It closed a $69.42M Series B round of funding in February 2022.

  • Reasons for recommendation

(1) Customization. Use SQL to query multiple databases, visualize results and explore more data analysis of DeFi protocols. (2) Community Sharing. By default, all queries and datasets are public, and users can directly copy other people's Dashboard as a reference. Contributions of queries are also encouraged by dune.

Dune is powerful, but it is not easy to be proficient because of SQL.

Footprint Analytics provides easy-to-use data analytics services. It closed a $1.5 million seed funding round led by IOSG Ventures in January 2022.

  • Recommended reasons (1) Zero coding required. Footprint provides a simple drag-and-drop interface for users. (2) One-click bifurcation query. Currently supports 18 data chains for querying and 4 chains for drill-down depth analysis. (3) Simple and easy to analyze data, shielding the underlying cumbersome and difficult to understand raw data.

Tools for tracking and targeting whales: Nansen & Glassnode

Nansen was founded in 2019 to provide data analysis of on-chain wallet transactions. Even as an all-pay service, it remains extremely popular. The cumulative funding of over $80 million in less than six months between Series A and Series B is proof of that.

  • Main features

(1) The most prominent feature of Nansen is the "smart currency", which tags over 50 million ethereum wallet addresses. Users can also track Whale accounts. (2) Token God Mode function can resolve all aspects of ERC-20 tokens.

  • Reasons for recommendation

The wallet address analysis is very powerful. It can track whales quickly and is perfect for investors who follow whales

Glassnode is an alternative to tracking whales. Unlike Nasen, which focuses solely on wallet address analysis, Glassnode offers a variety of data analysis services.

  • Main features

(1) Tracking whales. Help users track and follow whales for investment.

(2) Glassnode Alerts. Tracks the dynamics of metrics on the ERC20 chain.

(3) Weekly Report. Helps to understand the cryptocurrency market.

In terms of versatility, Glassnode focuses more on overall market research and provides a richer source of data.

Overview

Compared to traditional finance, the cryptocurrency market is relatively open in terms of the amount of data that anyone can access. It is only by analyzing the underlying data that you can evaluate DeFi projects, and for that you need the right tools.

Date and Author: February 29th, 2022 by Grace, Footprint Analysis

What is footprint analysis?

Footprint Analytics is an all-in-one analytics platform for visualizing blockchain data and discovering insights. It cleans and integrates on-chain data, so users of any experience level can quickly start researching tokens, projects and protocols. With over a thousand dashboard templates and a drag-and-drop interface, anyone can build their own custom K-line charts in minutes. Use Footprint to discover blockchain data and make smarter investments.

  • Footprint website
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